NFTs Worth $100M Reported Stolen Over Past Year: Elliptic
Non-fungible tokens (NFT) worth $100.6 million were reported stolen over the 12 months ending in July, according to a new report by blockchain analytics firm Elliptic.
Thanks to crypto winter, the value of stolen NFTs topped out in May at $23.9 million, and then tumbled to just $5 million in June and $3.9 million in July. The volume of thefts, however, continues to rise – from 3,473 in May to 3,712 in June and then to 4,647 in July.
Elliptic also found that over $8 million worth of illicit funds has been laundered through NFT-based platforms since 2017. Meanwhile, a further $328.6 million was laundered through services like crypto mixers.
Tornado Cash, the mixer recently sanctioned by the U.S., was the source of $137.6 million of crypto assets processed by NFT marketplaces.
London-based Elliptic is an analytics firm that provides the blockchain industry with compliance and anti-money laundering software.